UK no longer in recession, official figures show
The UK economy is no longer in recession, according to official figures.
UK no longer in recession, official figures show
Gross domestic product (GDP) grew by a better-than-expected 0.6% between January and March, the Office for National Statistics (ONS) said.
The figure is higher than the 0.4% growth expected by economists in a Reuters poll.
A recession, which is defined as two consecutive three-month periods where the economy contracts, was declared in February.
It came after the ONS said that GDP, a major measure of economic growth, shrank 0.3% between October and December. It followed a contraction of 0.1% in the three months from July to September.
The slump was blamed on reduced consumer spending power amid high inflation and energy bills. Months of wet weather also contributed to keeping shoppers at home, commentators said.
While previous recessions have been long-lasting – such as during the global financial crash of 2008 and 2009 – the latest one had been expected to be short-lived.
The latest figures come after the Bank of England held interest rates at 5.25% on Thursday and issued new forecasts for the UK economy.
The Bank projected that growth would be stronger this year, with unemployment and inflation rates lower than previously expected.
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